If you think emerging market stocks from places such as China, Brazil, Indonesia, and Russia are risky, then consider this: One of the most conservative money management companies in America has invested more of its key portfolio in emerging markets than it has in the U.S., Europe and everywhere else put together. And its chief investment manager has just said the firm is buying even more. Boston-based GMO generally handles money only for institutions and the super-rich (If you want a separate account there, bring along a check for at least $25 million). Its $13.8 billion Benchmark Free Allocation Fund GBMFX, +0.07 — minimum investment, $10 million — is its most free-handed, go-anywhere, total-portfolio-in-one fund. It’s where GMO’s wise men and women get to place their bets when the clients don’t try to tell them what to do.via